According to Jim Cramer, a victory by Republican Scott Brown in today's Massachusetts Senate election will spark a market rally on Wednesday.
The "Mad Money" pundit predicted that some health care stocks -- HMOs, pharmaceutical companies, and medical device-makers in particular -- will rise on news of a Republican victory, since such a win would strip the Democrats of the 60-vote supermajority they need to hammer out a health care reform bill.
But not everyone agrees that a health care reform bill will be detrimental to the health care industry. Some critics point out that health care stocks advanced on news of reform last year, and Cramer himself argues that "it's been clear as a bell that the health care reform wasn't going to affect most health care stocks."
Much more important than health care, Cramer says, is the overall signal of "a more pro-business, less pro-labor government" that a Brown victory would send. And he anticipates this perception on the part of investors to fuel a broad surge in the markets tomorrow that will drive up shares in a number of industries, including oil and banks.
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